Safeco posted a nearly 25 percent drop in quarterly earningsyesterday as Chief Executive Mike McGavick said he was leaving,reportedly to make a run for the U.S. Senate.
Insurance industry sources in Washington said Mr. McGavick willannounce an exploratory committee tomorrow to consider seeking theRepublican nomination to run against U.S. Sen. Maria Cantwell,D-Wash. The Seattle Times reported Saturday he is the GOP consensuscandidate.
The Seattle-based property-casualty insurer produced net incomein the second quarter of $187.3 million compared to $247 million inthe same period last year. It attributed the poorer showing todeclining investment income and a rising combined ratio.
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